StockNews.com Downgrades Paylocity (NASDAQ:PCTY) to Hold

StockNews.com downgraded shares of Paylocity (NASDAQ:PCTY) from a buy rating to a hold rating in a report published on Saturday.

Several other research firms also recently weighed in on PCTY. Needham & Company LLC lifted their target price on shares of Paylocity from $200.00 to $220.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Mizuho boosted their target price on shares of Paylocity from $175.00 to $180.00 and gave the company a “neutral” rating in a research note on Monday, November 4th. Truist Financial raised their target price on Paylocity from $195.00 to $210.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. KeyCorp upped their price target on Paylocity from $187.00 to $210.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. Finally, JMP Securities restated a “market outperform” rating and set a $250.00 price objective on shares of Paylocity in a research report on Monday, August 5th. Four equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $196.64.

Paylocity Stock Up 0.8 %

PCTY stock opened at $212.85 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.32 and a quick ratio of 1.32. The firm has a market cap of $11.87 billion, a PE ratio of 54.45, a P/E/G ratio of 5.30 and a beta of 0.93. Paylocity has a 12 month low of $129.94 and a 12 month high of $215.68. The firm has a 50 day simple moving average of $171.00 and a 200 day simple moving average of $157.10.

Insider Activity

In other Paylocity news, Director Jeffrey T. Diehl sold 29,606 shares of the firm’s stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $196.55, for a total value of $5,819,059.30. Following the sale, the director now directly owns 11,755 shares in the company, valued at $2,310,445.25. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CFO Ryan Glenn sold 500 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $203.28, for a total value of $101,640.00. Following the completion of the transaction, the chief financial officer now directly owns 52,134 shares of the company’s stock, valued at $10,597,799.52. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jeffrey T. Diehl sold 29,606 shares of the business’s stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $196.55, for a total transaction of $5,819,059.30. Following the completion of the sale, the director now directly owns 11,755 shares in the company, valued at $2,310,445.25. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 30,896 shares of company stock valued at $6,049,629. 21.91% of the stock is owned by company insiders.

Hedge Funds Weigh In On Paylocity

A number of hedge funds have recently modified their holdings of PCTY. CIBC Asset Management Inc grew its stake in Paylocity by 3.6% during the third quarter. CIBC Asset Management Inc now owns 1,652 shares of the software maker’s stock worth $273,000 after buying an additional 58 shares during the last quarter. Chicago Partners Investment Group LLC boosted its holdings in shares of Paylocity by 3.7% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 2,282 shares of the software maker’s stock worth $395,000 after acquiring an additional 82 shares in the last quarter. Covestor Ltd grew its position in Paylocity by 6.4% during the 3rd quarter. Covestor Ltd now owns 1,373 shares of the software maker’s stock worth $227,000 after acquiring an additional 83 shares during the last quarter. King Luther Capital Management Corp grew its position in Paylocity by 1.0% during the 2nd quarter. King Luther Capital Management Corp now owns 9,981 shares of the software maker’s stock worth $1,316,000 after acquiring an additional 103 shares during the last quarter. Finally, J.Safra Asset Management Corp raised its position in Paylocity by 80.0% in the 1st quarter. J.Safra Asset Management Corp now owns 243 shares of the software maker’s stock valued at $42,000 after purchasing an additional 108 shares during the last quarter. 94.76% of the stock is owned by institutional investors and hedge funds.

Paylocity Company Profile

Paylocity Holding Corporation engages in the provision of cloud-based human capital management and payroll software solutions for workforce in the United States. The company offers payroll software solution for global payroll, expense management, tax services, on demand payment, and garnishment managed services; and time and labor management software for time and attendance, scheduling, and time collection.